AVIA_SPECIAL_LIMITED - Accounts

AVIA SPECIAL LIMITED - Company Information

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Company Registration No. 01197729 (England and Wales)

AVIA SPECIAL LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

AVIA SPECIAL LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

AVIA SPECIAL LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

58,691

Investments

1,661

60,352

Current assets

Debtors

72,465

61,535

Cash at bank and in hand

2,558

75,023

61,552

Creditors: amounts falling due within one year

(5,143)

(5,806)

Net current assets

69,880

55,746

Total assets less current liabilities

130,232

116,098

Creditors: amounts falling due after more than one year

(599,849)

(596,834)

(469,617)

(480,736)

Capital and reserves

Called up share capital

2,500

Profit and loss account

(472,117)

(483,236)

Shareholders' funds

(469,617)

(480,736)

AVIA SPECIAL LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 September 2016

J M K Black

Director

Company Registration No. 01197729

AVIA SPECIAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Despite the fact that the company has an insolvent balance sheet, the director has confirmed he will continue to support the company for at least 12 months from the date of approval of these accounts.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Tangible fixed assets and depreciation

The aircraft are shown at original cost and are not depreciated contrary to FRS 15 and the Companies Act 2006. In the opinion of the directors, the current market value of the aircraft is in excess of the book value.

Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at these rates to write off the cost less estimated residual value of each asset over its estimated useful life, as follows:

Aircraft

Not depreciated

Equipment

15% reducing balance / 33% straight line

Aircraft are included in the balance sheet at their original cost.

This accounting policy is not in accordance with the applicable accounting standard, FRS 15, Tangible Fixed Assets and the Financial Reporting Standard for Smaller Entities (effective January 2015) and it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view, as the directors feel the aircraft value is in excess of its original cost.

1.4

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

AVIA SPECIAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 January 2015 & at 31 December 2015

62,504

1,661

64,165

Depreciation

At 1 January 2015 & at 31 December 2015

3,813

Net book value

At 31 December 2015

58,691

1,661

60,352

At 31 December 2014

58,691

1,661

60,352

Investments represent a 12.5% share holding in Aerobatics International Limited, stated at cost.

Share capital

2015

2014

Allotted, called up and fully paid

2,500 Ordinary shares of £1 each

2,500